Veeco(US:VECO)2024-05-07 20:15Financial Performance - Revenue for Q1 2024 was $174.5 million, a 13.0% increase from $153.5 million in Q1 2023[2] - GAAP net income for Q1 2024 was $21.9 million, or $0.37 per diluted share, compared to $8.7 million, or $0.17 per diluted share in Q1 2023[3] - Non-GAAP net income for Q1 2024 was $26.4 million, or $0.45 per diluted share, up from $16.9 million, or $0.30 per diluted share in Q1 2023[3] - Operating income for Q1 2024 was $29.4 million, compared to $20.4 million in Q1 2023, reflecting a significant increase[2] - Q1 2023 net sales reached $153.5 million, with a gross profit of $62.0 million and a gross margin of 40.4%[22] - Non-GAAP operating income for Q1 2023 was $20.4 million, reflecting a significant increase from the previous year's $9.8 million[22] - The company reported a net income of $8.7 million under GAAP, which increased to $16.9 million on a non-GAAP basis for Q1 2023[25] Guidance and Projections - Guidance for Q2 2024 projects revenue between $165 million and $185 million, with GAAP diluted EPS expected to be between $0.22 and $0.33[8] - Non-GAAP diluted EPS for Q2 2024 is expected to range from $0.38 to $0.48, reflecting continued growth expectations[8] - For Q2 2024, the company projects net sales of $165 million under GAAP and $185 million on a non-GAAP basis, indicating a growth outlook[28] - The gross margin is expected to improve to 43% under GAAP and 44% on a non-GAAP basis for Q2 2024[28] - Operating income guidance for Q2 2024 is set at $25 million under GAAP and $33 million on a non-GAAP basis, showing a positive trend[31] - The diluted net income per common share is projected to be $0.22 under GAAP and $0.38 on a non-GAAP basis for Q2 2024[30] - The company anticipates continued growth in net income, with a forecast of $20 million under GAAP and $29 million on a non-GAAP basis for Q2 2024[30] Financial Position - Total current assets as of March 31, 2024, were $715.9 million, compared to $706.3 million at the end of 2023[12] - The company’s cash and cash equivalents increased to $174.0 million from $158.8 million at the end of 2023[12] - Total liabilities decreased to $545.8 million from $556.6 million at the end of 2023, indicating improved financial health[12] Operational Highlights - The company received a multi-tool laser annealing order from a leading semiconductor company for their 2 nanometer process, indicating strong demand in advanced technology[3] - Share-based compensation for Q1 2023 amounted to $7.0 million, contributing to the adjustments in non-GAAP financial metrics[26] - Transition expenses related to the San Jose expansion project totaled $780,000 in Q1 2023, impacting overall financial performance[24]